Revenue jumps 41.1% at Zuoan Fashion in FY'11
Zuoan Fashion Limited, a leading design-driven fashion casual menswear company in China, announced its financial results for the fourth quarter and full year ended December 31, 2011.
James Hong, Founder, Chairman of the Board and Chief Executive Officer, commented, "We are pleased with our fourth quarter performance, particularly as we exceeded our top and bottom line guidance forecast. We also achieved significant year-over-year growth in our total store count, sales volumes, revenue, gross profit and net profit for full year 2011 compared to the prior year."
"Our fashion collection continues to expand and customers are increasingly recognizing the value and depth of our product collections. We expanded our total number of store locations to 1,270, and our gross number of new store openings exceeded our target for the year. Our fourth quarter gross margin reached a record level of 47.8%, primarily due to greater sales from our higher margin direct flagship stores and from the increase in wholesale prices we successfully implemented at the distributor level last quarter."
"Looking ahead, while we expect some turbulence in our business stemming from a slowdown in domestic consumption brought on by the global recession and potentially slower growth in sales orders for our 2012 Autumn/Winter collections due to an erratic winter this past season, we continue to see the strong potential for growth in our business this year and beyond."
"We have recently surpassed the one year anniversary of our US IPO and we are quite proud of our operational and financial accomplishments thus far. With our focus on innovative, stylish and unique apparel and accessory products, we believe we will continue to have success broadening the popularity of our brand in China's fashion casual menswear market."
Full Year 2011 Financial Highlights
• Total revenue for the full year 2011 increased 41.1% to RMB1.2 billion ($195.6 million) from RMB872.1 million in 2010.
• Gross profit increased 52.4% to RMB544.0 million ($86.4 million) in 2011 from RMB356.9 million in 2010 and gross profit margin increased by 3.3% to 44.2% in 2011 from 40.9% in 2010.
• Net income for the full year 2011 was RMB255.7 million ($40.6 million), an increase of 39.7% from RMB183.0 million in 2010.
• Basic earnings per ordinary share was RMB2.39 ($0.38) in 2011, equivalent to RMB9.54 ($1.52) per ADS, compared to basic earnings per ordinary share RMB2.29 ($0.36) in 2010, equivalent to RMB9.15 ($1.45) per ADS.
• Diluted earnings per ordinary share was RMB2.37 ($0.38) in 2011, equivalent to RMB9.47 ($1.50) per ADS, compared to diluted earnings per ordinary share RMB2.19 ($0.35) in 2010, equivalent to RMB8.75 ($1.39) per ADS.
• The number of Zuoan stores increased 15.3% to 1,270 at the end of 2011 compared to 1,101 stores at the end of 2010.
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James Hong, Founder, Chairman of the Board and Chief Executive Officer, commented, "We are pleased with our fourth quarter performance, particularly as we exceeded our top and bottom line guidance forecast. We also achieved significant year-over-year growth in our total store count, sales volumes, revenue, gross profit and net profit for full year 2011 compared to the prior year."
"Our fashion collection continues to expand and customers are increasingly recognizing the value and depth of our product collections. We expanded our total number of store locations to 1,270, and our gross number of new store openings exceeded our target for the year. Our fourth quarter gross margin reached a record level of 47.8%, primarily due to greater sales from our higher margin direct flagship stores and from the increase in wholesale prices we successfully implemented at the distributor level last quarter."
"Looking ahead, while we expect some turbulence in our business stemming from a slowdown in domestic consumption brought on by the global recession and potentially slower growth in sales orders for our 2012 Autumn/Winter collections due to an erratic winter this past season, we continue to see the strong potential for growth in our business this year and beyond."
"We have recently surpassed the one year anniversary of our US IPO and we are quite proud of our operational and financial accomplishments thus far. With our focus on innovative, stylish and unique apparel and accessory products, we believe we will continue to have success broadening the popularity of our brand in China's fashion casual menswear market."
Full Year 2011 Financial Highlights
• Total revenue for the full year 2011 increased 41.1% to RMB1.2 billion ($195.6 million) from RMB872.1 million in 2010.
• Gross profit increased 52.4% to RMB544.0 million ($86.4 million) in 2011 from RMB356.9 million in 2010 and gross profit margin increased by 3.3% to 44.2% in 2011 from 40.9% in 2010.
• Net income for the full year 2011 was RMB255.7 million ($40.6 million), an increase of 39.7% from RMB183.0 million in 2010.
• Basic earnings per ordinary share was RMB2.39 ($0.38) in 2011, equivalent to RMB9.54 ($1.52) per ADS, compared to basic earnings per ordinary share RMB2.29 ($0.36) in 2010, equivalent to RMB9.15 ($1.45) per ADS.
• Diluted earnings per ordinary share was RMB2.37 ($0.38) in 2011, equivalent to RMB9.47 ($1.50) per ADS, compared to diluted earnings per ordinary share RMB2.19 ($0.35) in 2010, equivalent to RMB8.75 ($1.39) per ADS.
• The number of Zuoan stores increased 15.3% to 1,270 at the end of 2011 compared to 1,101 stores at the end of 2010.
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